Boingo to Go WIFI on the NASDAQ Exchange
Boingo has announced that it will be issuing public offers on the American NASDAQ exchange. The Wi-fi hotspot service provider has indicated towards its intentions of raising capital amounting to $75-million. The information has been provided by the Securities and Exchange Commission.
The total number of hotspots under Boingo till date have been stated to be around 211.000 and happens to provide services mostly in Asia. It also offers a wide range of services and monthly plans, with rentals ranging from $8 to $60 a month for internet access.
According to the application filed by the technology giant, it has opined that the time for applying for an IPO was ripe for Boingo. It has further predicted a bright future for the organization, as technology was leading the way in global recovery.
The company has estimated that it will witness 10% customers leaving services in the years to come. But, growth is being expected to far surpass the number of quitters, as the Company grew to a customer base of 140,000 in 2009 from 54,000 in 2008. Apart from that, it also increased to 191,000 in the most recently released data.
The biggest risk currently being foreseen by analysts at Boingo are companies like Google. Apparently, the tech giant is currently offering airports free wi-fi services. Though, Boingo had increased its base to 191,000 last year, its third quarter had seen the addition of only 9,000-new users.
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